SALE IN WORKS CONTRACT
This query is : Resolved
25 September 2010
I AM WORKING IN FIRM WHICH DO THE BUSINESS OF MECHANICAL CONTRUCTION WORK IN REFINERY. I WANT TO KNOW THAT WHAT WILL BE THE SALE AMOUNT IN TRADING ACCOUNT BASIC VALUE BEFORE SERVICE TAX OR THE AMOUNT (GROSS AMOUNT INCLUDING SERVICE TAX) ON WHICH CONTRACTEE DEDUCT THE TDS.PLEASE CLARIFY THE MATTER IN RELATION TO CONTRACT.
27 September 2010
It appears that the firm is undertaking a comopisite contract as TDS is deducted on total amount( incl your value + Serv. tax).
Since you are collecting tax and will eventually deposit it, service tax amount will not be reflected in your sales- as it will be nullified at a point of time. The position does not change even if it is assumed that payment is made by CENVAT.
Lastly, service tax is not part of your income/ sales and hence should not be shown in receipts
Hope this solves your query
Since you are collecting tax and will eventually deposit it, service tax amount will not be reflected in your sales- as it will be nullified at a point of time. The position does not change even if it is assumed that payment is made by CENVAT.
Lastly, service tax is not part of your income/ sales and hence should not be shown in receipts
Hope this solves your query
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reopen of assessment proceeding
- Is any professional CA is here please reply
- EPF FULL & FINAL RULES IN 2026
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Experts need help
- Putting a heading on received mail
- Rental income gst and it purpose
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
